Cooperating Firm correct answers A firm that works in conjunction with another firm in procuring a buyer for the seller's property.
Fiduciary correct answers One who is placed in a position of trust and confidence, normally responsible for the money or property of another.
Agency correct answ...
WRA Chapter 1 || A+ Graded Already.
Cooperating Firm correct answers A firm that works in conjunction with another firm in
procuring a buyer for the seller's property.
Fiduciary correct answers One who is placed in a position of trust and confidence, normally
responsible for the money or property of another.
Agency correct answers A relationship in which one person acts for or represents another.
Salesperson correct answers Any individual who is associated with a firm, other than a broker or
a person who is not required to have a license.
Buyer's Firm correct answers A firm that has entered into a buyer agency agreement with the
buyer indicating that the firm will be representing the interests of the buyer.
Listing Firm correct answers The firm that the seller has employed under a listing contract.
Designated Agency correct answers A multiple representation relationship in which both the
buyer and the seller are clients of the same firm in the same transaction and each client receives
negotiation services from an agent of the firm.
Listing Licensee correct answers The licensee associated with the listing firm who acquired the
listing.
Subagent correct answers A firm engaged by another firm to provide brokerage services in a
transaction, but that is not associated with the firm.
Buyer's Licensee correct answers The person within the buyer's firm that procured the buyer.
Option to Purchase correct answers An agreement to keep open, for a set period, an offer to sell
or lease real property.
Broker correct answers One who for another person, and for commission, money or other thing
of value, negotiates or offers or attempts to negotiate a sale, exchange, purchase, or rental of or
the granting or acceptance of an option to sell, exchange, purchase, or rent and interest or estate
in real estate; one who shows real estate or a business or its inventory; or one who promotes the
sale, exchange, purchase, option, rental, or leasing of a real estate, a time share, or a business or
its goodwill, inventory or fixtures.
,Material Adverse Fact correct answers An adverse fact that a party indicates is of such
significance, or that is generally recognized by a competent licensee as being of such
significance to a reasonable party, that it affects the party's decision to enter into a contract or the
terms of a contract.
Multiple Representation Relationship correct answers A relationship between a firm and two or
more of the firm's clients where the clients are parties in the same transaction.
Client correct answers The person who employs an agent to perform a service on the client's
behalf.
Exchange correct answers A way to defer capital gains tax by exchanging like property for like
property.
Licensee correct answers A salesperson, broker, or licensed business entity under Chapter 452 of
the Wisconsin Statutes.
Selling Firm correct answers The firm that found the buyer-customer for a property listed with
another firm.
Selling Licensee correct answers The licensee within the selling firm who found the buyer.
Business Sale correct answers The sale or lease of a business and the business's good will,
enterprise, or opportunity, including a sale of the majority of assets or stocks of the business.
Customer correct answers A person who receives services given on behalf of and for the benefit
of a client.
Principal Firm correct answers A firm who engages a subagent to provide brokerage services in a
transaction.
Single Agency correct answers The practice of representing either the buyer or the seller but not
both in the same transaction.
Agent correct answers A person who is authorized to act on behalf of another.
A licensee must disclose all material facts to a customer in a real estate transaction. correct
answers False
A licensee must disclose all material adverse facts to all parties in a transaction but a licensee
only has to disclose material facts to clients. Material adverse facts are all the important and
negative facts. Material facts are important facts but can be positive.
Licensees provide agency representation to clients and customers in a real estate transaction.
correct answers False
, A firm represents a client in a real estate transaction through the agency relationship. A firm does
not represent a customer in an agency relationship because a firm and a customer do not have an
agency agreement or relationship.
An attorney does not need a real estate license to list a house. correct answers False
Listing a house is a brokerage service, which means one must be licensed to list a house. An
attorney can draft a contract for a client but cannot provide brokerage services without a real
estate license.
A licensee discloses in writing to a buyer that the seller's basement has a leak even though the
seller asked the licensee not to disclose this. The licensee complied with the licensee's duties
under agency law. correct answers True
Licensees must disclose to each party all material adverse facts that the licensee knows and that
the party does not know or could not discover through reasonably vigilant observation.
If a firm is representing multiple parties in a transaction and the clients consent to multiple
representation with designated agency, the firm's licensees can provide their respective clients
information and advice that benefits that client at expense of the other client's interest. correct
answers True
In multiple representation with designated agency, the firm's licensees are permitted to negotiate,
provide information, opinions and advice on behalf of their clients.
A personal representative who creates a pattern of sales does not need a real estate license.
correct answers True
A personal representative may sell more than five properties in one year to settle the estate.
Although a pattern of sales is established, the personal representative is not required to have a
real estate license.
When a buyer executes an option to purchase with a seller, the buyer must purchase the property.
correct answers False
If a buyer executes an option to purchase with a seller, the buyer does not have to purchase the
property but if the buyer chooses to exercise the option and purchase the property, the seller must
sell it to the buyer according to the terms of the option.
A buyer must sign a disclosure to customers form in all residential transactions involving
properties with one-to-four dwelling units. correct answers False
A licensee is required to ask for the buyer's/seller's signature on a disclosure to customers form
in residential one-to-four family transactions; however, the buyer/seller is not required to sign the
form.
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